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Government using two crutches of TDP, JD(U): Opposition
Participating in the discussion on the Motion of Thanks to the president's address, Trinamool Congress member Kalyan Banerjee said the recent Lok Sabha elections had ushered in a change in the country which now has "an unstable government and a strong opposition".
Heat, humidity or hale: 'majboori' makes gig workers brave the elements
The weather extremities this summer can, of course, impact any and all. But for those whose daily bread depends on their job, there aren't many options. While companies like Swiggy, Zomato and others made some efforts to relieve their delivery partners of the heat to some extent by offering them refreshments, and resting areas according to the gig workers they weren't very helpful.
Heat, humidity or hale: 'majboori' makes gig workers brave the elements
As Delhi's extreme summer transitioned from heatwaves to humidity and now monsoon rains, gig workers on two-wheelers continued delivering essentials. Despite weather hazards, they endure long shifts, often over 12 hours, due to economic necessity. Efforts by companies to provide rest areas and emergency support have been limited and sometimes inaccessible.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Hindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga
Adani-Hindenburg Case: Hindenburg Research's disclosure of suspected violations by Sebi regarding Adani Group's short bet led to minimal gains, highlighting challenges foreign investors face under Indian securities rules. The short seller also stated that Kotak Mahindra Bank created and oversaw an offshore fund structure used by its "investor partner" to bet against the conglomerate, providing new details of trades that puzzled investors.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
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Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
DEG-IFC-ADB trio eyes renewable energy firm Fourth Partner
A group of German investor DEG, along with the World Bank's International Finance Corporation (IFC) and the Asian Development Bank (ADB), are set to invest $300 million to acquire a controlling interest in Fourth Partner Energy, a renewable energy firm based in Hyderabad.
Matrix Partners India rebrands to Z47, China arm to MPC
The venture capital firm is known for backing the likes of mobility firm Ola, online payments company Razorpay and business-to-business commerce startup OfBusiness, among others. However, the firm said the operations in the US will continue under the name Matrix Partners.
Serentica seeks partners for supply of 800 MWh battery energy storage systems
Serentica Renewables on Thursday said it has invited expressions of interest (EoIs) from interested players for supply of battery energy storage systems. "Serentica is seeking technical partners worldwide to supply BESS capable of delivering reliable energy storage. Serentica invites EoIs for 800 MWh standalone battery energy storage from across the world," it said in a statement.
Vedanta Limited to raise Rs 1,000 cr through private placement of NCDs
Vedanta Limited, a subsidiary of Vedanta Resources, announced plans to raise Rs 1,000 crore through bonds on a private placement basis. The fund raise is part of the company’s routine financing or refinancing activities, the company said in a stock exchange announcement.
Ummeed Housing Finance raises Rs 630 cr equity
Ummeed Housing Finance raises ₹630 crore in Series F round from investors including A91 Partners LLP and existing investors. Funds to be used for expansion in central and southern India.
Ixigo IPO pops; AI jobs command premium pay
Ixigo lists at about 50% premium, ends day at 20% upper circuit. This and more in today’s ETtech Top 5.
SAIF Partners pares around 6% stake in Senco Gold for Rs 433 crore
According to the bulk deal data available on the BSE, SAIF Partners India IV offloaded 45,07,487 shares, amounting to a 5.8 per cent stake in Senco Gold. The shares were disposed of at an average price of Rs 960.02 apiece, taking the deal value to Rs 432.72 crore.
Paytm shares jump 8% on partnering with Samsung, focus on insurance distribution
One97 Communications, the parent company of Paytm, saw a 8% surge in shares as it announced a partnership with Samsung Wallet. Galaxy smartphone users can now access Paytm's services for flight, bus, movie, and event bookings seamlessly through the Samsung Wallet.
Wait for Ixigo to list before taking a call
Le Travenues Technology, the promoter of Ixigo, is raising ₹740 crore through an IPO, with a fresh issue of ₹120 crore and an OFS of ₹620 crore.
Big movers on D-Street: What should investors do with HUL, IRCTC and RVNL?
After enduring their most significant single-day decline in four years, benchmark indices Sensex and Nifty both surged by over 3% each. This impressive rebound was fueled by substantial value buying from investors, particularly as NDA alliance partners initiated discussions on government formation.
Yield on SP Co's ₹14,300cr NCDs Surges
Goswami Infratech's NCDs yield surged to 22% due to SP Group's debt raise, linked to SIPL's interest rate, triggering early redemption event, approved for extension until Sept 2024.
Job market recovery may slow, for now
The absence of a decisive mandate in the 2024 elections may impact job market recovery temporarily. Coalition partners will have a stronger voice in policy decisions, affecting investor sentiment. Experts anticipate a short-term slowdown in job creation.
NDA government 3.0 hopes fuel Street rebound
India's equity indices surged over 3% on Wednesday following a 6% plunge due to election results. Stocks rebounded on expectations of NDA forming the government. Market volatility is expected until government formation, with limited upsides currently.
Tech stocks lift Nasdaq, S&P 500 as rate-cut expectations tick up
Nasdaq hits record intra-day high on tech rally, fueled by gains in Microsoft and Amazon. Investors remain cautious, weighing economic concerns against the possibility of earlier Fed rate cuts.
Yield on Goswami Infratech’s Rs. 14,300 Cr NCDs rises from 18.75% to 22%
Goswami Infratech issued rupee-denominated zero-coupon NCDs to investors like Deutsche Bank, backed by group-level monetisation events for debt reduction.
After sales of over Rs 12,000-crore in a day, FPIs could wait & watch
Analysts anticipate pressure on the new government to balance coalition demands with economic policies. U R Bhat expects policy continuity despite BJP's lower seat count.
Election results may trigger India de-rating, Modi stocks to be worst hit
"We expect a market derating in the short term, as the risk on India has gone up. PSUs and Capital goods are the most vulnerable sectors, from which we would stay away for the time being. On the other hand, consumption should come back and we see FMCG and value retailers making a strong return. We are also constructive on Healthcare," said Seshadri Sen of Emkay Global.
Mark Mobius turns bullish on Chinese stocks amid recent rally
Mark Mobius turned bullish on Chinese equities, citing confidence in the recent rebound after advising investors to avoid them in April.
GQG Partners' investments in Adani stocks surge 172% to $11.6 billion
The US-based investment firm saw its investment in six Adani group stocks nearly triple in value, from ₹38,500 crore ($4.6 billion) to ₹96,431 crore ($11.62 billion) within a span of roughly seven months. This remarkable 150% increase highlights the investor's confidence in the Adani group and the potential growth of the Indian market.
More PE firms gearing up for India debut
The US PE firm Platinum Equity is exploring investments in a range of sectors.
Apis, Madison and ROC Capital sell Star Health shares worth Rs 2,210 core
Apis Partners held a 2.61% stake via Apis Growth 6, Madison Capital via Mio Star held 2.21% and Mio IV Star held 2.39%, and ROC Capital owned 1.01%, as of March 2024. Mio IV Star, ROC Capital and Apis Partners liquidated their entire stakes in the deal.
Zee’s finances on the mend, still wait for bigger picture
Zee’s consolidated revenue grew by 10% year-on-year to Rs 2,170 crore in the March 2024 quarter. This was 8% higher than the street’s estimates. A large part of this growth was on account of 10% growth in the advertising revenue at Rs1,110 crore, beating the analysts’ estimates by 16%.
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